María Magdalena

Magdalena is 57 years old, and has worked extremely hard her whole life to provide for her family. She has been separated from her ex-husband for over 15 years, and her job is the sole source of income for her household.

Magdalena opened her small business with some startup capital that one of her children gave her, and she still operates her general store. She is grateful to God for the strength He has given her to raise and provide for her six children and get through challenging situations.

Every day, Magdalena works from 7:00 in the morning until 10:00 at night. One of her daughters-in-law helps her in the store and with some of the household chores. In hopes of increasing her inventory and offering clients a wider variety of products, Magdalena is requesting this loan. She plans to use the support from the loan to purchase products to stock her general store. She hopes that this investment will help her to generate more business and profits, and will in turn improve her quality of life.

Additional Information

Important Information

This loan is structured on Kiva as a bullet loan, which means a single payment is required at the end of the loan term. By Colombian law, Kiva's partner Interactuar is required to offer borrowers loans with a variable interest rate that fluctuates with the market rate. Because fixed monthly payments are applied first to interest and then to principal, Interactuar is unable to predict upfront what portion of each repayment would go towards the loan principal. This creates a challenge with Kiva's system, which doesn't allow for unpredictable principal payments, and can result in some Interactuar clients appearing falsely delinquent. To remedy this, the loan has an end-of-term repayment plan on Kiva, but the borrower will continue scheduled monthly repayments to Interactuar, who will then pass along the principal amount to Kiva lenders. This means that you may see repayments made on this loan throughout the repayment term, as opposed to receiving repayment in full at the end of the loan term.